From Peking duck to autos, coronavirus crushes China's profits

40% of companies suffer losses on domestic demand plummet, Nikkei survey finds

Roast duck is prepared at Quanjude restaurant in Beijing. The venerable Peking duck chain booked a net loss of up to $14 million in the January-March quarter. © Reuters

YUSHO CHO, Nikkei staff writer

April 23, 2020 03:19 JST

SHANGHAI -- More than 40% of China's publicly traded companies booked a net loss for the January-March quarter as the coronavirus outbreak crushed demand across a range of industries, from restaurants and real estate to appliances and automobiles.

Nearly 720 of roughly 1,650 companies that have reported three-month results cited a loss, data compiled by Nikkei shows. Overall, 70% of these businesses suffered either a loss or a net profit decline, making this the worst first quarter for Chinese companies since comparable data became available in 2003.